NEW YORK, Oct. 27, 2023 /PRNewswire/ -- The Bitcoin price rally has paused before it takes the next leg higher to target $40,000, but in the meantime pro traders have ponied up nearly $2.5 million for Bitcoin Minetrix, the new path-breaking tokenized cloud mining venture.
Trading at around $34,000, Bitcoin had entered overbought territory on a technical view, so a pullback from $35,000 was to be expected.
In the derivatives markets, call options show pro traders are expecting the top cryptocurrency's next key test to be at the $40k level.
If there is a successful breach of expected resistance in the $40k region then the floodgates are likely to open, bringing a march back to Bitcoin's all-time high into view. As we approach the Bitcoin block reward halving event in April next year, market participants can reasonably expect to see Bitcoin hit new all-time highs.
Bitcoin's breakout opens up opportunities in altcoins, as traders begin to seek out the best risk-reward prospects in the fledgling bull run.
Professional traders and savvy investors have been quick to single out Bitcoin Minetrix for special attention in that regard, as seen in the accelerating fundraising the project is witnessing for its novel Bitcoin cloud mining venture.
Billions of dollars to flow into crypto in this Bitcoin bull run – Bitcoin Minetrix is a magnet for those funds
Altcoins that are able to align most closely with the Bitcoin growth story will attract a large share of the billions of dollars in investment flowing into the crypto sector, and Bitcoin Minetrix is right up among them.
Priced at $0.0112, $BTCMTX has only hours left to go in Stage 3 of its presale before the price rises to $0.0113 in Stage 4.
There is just $600,000 left to raise in the current stage (target is $3,101,000), which means the token could sell out early. Prospective token buyers need to move quickly in order to avoid disappointment.
Early investors are also able to earn yield by immediately staking their newly purchased tokens. The annual percentage yield (APY) is 238% at the time of writing. 175 million $BTCMTX tokens have been staked so far by presale investors.
Why Bitcoin Minetrix is attracting pro traders to its Bitcoin mining revolution
As was the case in past bull runs, Bitcoin acts as the bellwether for the entire sector and Bitcoin clones get pulled higher in the slipstream of its rising price.
Chief among the clones is Bitcoin Cash (BCH), which is a fork of the Bitcoin blockchain. Its unique selling point is its 32MB block size compared to Bitcoin's 1MB, which has a theoretical effective size of up to 4MB following protocol changes made in 2017.
The larger block sizes of BCH mean its network has a much higher transaction throughput.
Then there's Bitcoin SV (BSV), which is a fork of Bitcoin Cash and claims a block size of 4GB.
Bitcoin Minetrix takes a radically different approach regarding its value differential over Bitcoin. It is not playing the block-size scaling game. Instead, it has chosen the arguably more fruitful path of solving issues around the dangers of mining centralization and how to broaden the mining base in terms of control of hash power.
Hash power is the measure of computing power used in the proof-of-work mechanism that verifies Bitcoin blocks.
While efforts to improve the scalability of Bitcoin are laudable, BCH and BSV are not Bitcoin and their higher transaction volume has not led to them being used to any great extent for the purchase of goods and services. They look like solutions in search of a problem in the sense that no one is using BCH or BSV to transact in the real economy.
By contrast, Bitcoin Minetrix is solving real problems in a way that benefits both individual investors and Bitcoin more generally.
https://x.com/bitcoinminetrix/status/1717815322659709310
Bitcoin Minetrix guards against possible network centralization
Bitcoin mining is essential to the Bitcoin network's existence. And it is Bitcoin Minetrix that is setting out to make mining open to everyone, which makes it a valuable and enticing proposition for serious investors seeking out killer use cases. As a by-product of the team's efforts, Bitcoin Minetrix will strengthen the overall security and decentralization of the Bitcoin network.
Today mining is no longer something that can be done on a laptop using a graphics card, as was the case in the early days of the Bitcoin protocol.
As the size of the network has grown so too has the difficulty of proof-of-work. The protocol has a difficulty mechanism that adjusts how much computational work is required to solve the proof-of-work as overall hash power changes. For instance, when the amount of hash power on the network rises the difficulty level is increased. In this way, the rate at which blocks are produced is held steady at one every 10 minutes.
Mining has increasingly become the fiefdom of corporate entities that are able to plow hundreds of millions of dollars into investing in mining machines. In addition, mining pools came into being so that individuals and entities could work together cooperatively to share block rewards. Foundry USA, Antpool, and F2Pool are three of the biggest pools.
Then there are the publicly traded mining companies such as Marathon, Riot, and Hut 8 to bring into the equation.
Although mining pools that 'collectivize' mining and corporations that tap into the capital market to fund their operations are both key elements of how the Bitcoin network maintains itself, they also mean there is always the ever-present danger of centralization emerging.
Centralization, if allowed to take hold, could see the Bitcoin network end up with the majority of block production under the control of a single entity, which would undermine the security of the entire protocol.
The latent problem has arisen as a consequence of the need to amass expensive computing power (hash power) and Bitcoin Minetrix's tokenized cloud mining can prevent centralization from ever becoming an issue.
https://x.com/bitcoinminetrix/status/1713223411558736016
Bitcoin Minetrix accentuates what's good about cloud mining and dispenses with what's bad
Cloud mining of Bitcoin is an attractive proposition because it allows users to rent computing power only for as long as it is needed, without having to sink capital into buying up mining rigs.
However, there are problems with cloud mining. Unfortunately, it has a bad reputation for poor customer service, unexpected charges, stability issues, complicated and hard-to-understand contracts, and worst of all, outright scams.
The team at Bitcoin Minetrix was acutely aware of these issues and set out to address and overcome them. The solution they hit on was hiding in plain sight: tokenization.
By inventing a stake-to-earn system running on the Ethereum blockchain, Bitcoin Minetrix nixes the fraud threat and delivers efficiency, customer control and peace of mind.
The platform also secures a guaranteed and transparent claim on the mining revenue stream, courtesy of the cloud mining credit customers receive in proportion to the amount of $BTCMTX they stake.
In a nutshell, then, Bitcoin Minetrix makes it safe and easy for ordinary people with no technical knowledge to get involved with Bitcoin mining, enabling them to reap the profits.
There's no need to worry about scammers and underhand contracts because everything is handled on-chain by the smart contract. No cash changes hands.
https://x.com/bitcoinminetrix/status/1712498496643764390
Why Bitcoin Minetrix is a 100x return on investment opportunity
That's not the end of the story though as far as return on investment is concerned. $BTCMTX owners will also, as mentioned, benefit from the Bitcoin price bull run. Bitcoin will lift all boats, or at least the prices of those coins – like Bitcoin Minetrix – that are most closely aligned to it.
There are literally hundreds of Bitcoin clones of one sort or another but it will be the ones that bring something genuinely useful to the party that will be successful, which is why Bitcoin Minetrix has already brought in $2.5 million from savvy investors.
From meme coin HPOS10I (BITCOIN) to 'version 2' derivative coin Bitcoin 2.0 (BTC2.0), there are many shades of Bitcoin clones.
Distancing itself from these more frivolous efforts, Bitcoin Minetrix is for grown-ups. Still, the two aforementioned coins have both seen gains of 100x or more in their brief life cycles, despite their total lack of liquidity.
If 'bitcoin meme coins' can grab multi-million-pound valuations out of thin air, then imagine what a solid project like Bitcoin Minetrix can achieve. No wonder pro traders and sophisticated investors are slapping a buy rating on the coin.
Bitcoin Minetrix Raises $2,350,000 - New 10x Potential Crypto Launching SOON?! BTC ALTERNATIVE?
How to buy and stake today to start earning $BTCMTX
To buy the $BTCMTX token you can use ETH, USDT, BNB, MATIC or a bank card. If you plan to purchase with ETH you can start staking-to-earn straightaway.
All you need to do is connect your wallet, determine how much you wish to invest and make sure you have a small amount in excess of that to cover transaction fees (approximately $10-20), if using the Ethereum blockchain.
As Bitcoin prepares for its biggest bull run ever, the best way to gain exposure is probably to buy into a double-threat like Bitcoin Minetrix.
$BTCMTX combines exposure to the price upside of Bitcoin but also to the mining income at the center of a digital asset that could one day challenge the US dollar by becoming one of the major reserve currencies of the world.
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